A likely bounce for USD/CAD sometime this week

FX:USDCAD   U.S. Dollar / Canadian Dollar
997 13 18
USD/CAD             has fallen quite sharply since the beginning of the month, and prices are pulling back towards some technical levels that may provide support this week. Watch for signs of selling fatigue to set in around 1.2800/70. Note the daily RSI fairly close to 30 in a prevailing uptrend (this is just complementary info). If prices do bounce like I'm expecting, 1.3050 would be a good initial target. I'd really like to see a candlestick similar to that of July 29 where sellers are present during the European session but don't manage to hold buyers at bay during the North American session. The extent to which I hold a bullish biais on USD/CAD             this week will be largely influenced by such price action.
The bounce came in a little later than expected, but the trend line in my chart matches with last week's lows. So far so good.
There is a possible bearish cypher forming on UsdCad,so I am gonna look to get short,if it's gonna get filled and PA will signal me for a sell,before going up.
Don_Corleone Don_Corleone
Just a thought on a smaller time frame
pardis Don_Corleone
i like trend line so much an i enjoy of your chart...thanks frends
+1 Reply
Clarification behind the last move up in oil in relationship to CAD.Note the strategy of big oil.
The second biggest concern going forward is the Canadian election coming up shortly.The NeoCon Prime Minister Harper said to the CBC that he'll step down if there's any type of minority government.Some polls suggest a possibility of the New Democratic Party(socialists) to hold the balance.Most Canadians have said that it's time for change.
AdrianRaymondFX RobertHerdman
Thank you for sharing Robert.
Just a note on fundamental data associated with crude which has been the primary driver of CAD at certain time periods.
+1 Reply
Perfect, we are watching the same levels!
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